TI Automotive near deal to sell to Bain for $2 billion, report says

NEW YORK (Bloomberg) -- TI Automotive, the auto fuel-systems company owned by several hedge funds, is nearing a deal to sell itself to Bain Capital Partners LLC for as much as $2 billion, people with knowledge of the matter said.

The two sides resumed negotiations after talks broke down in November because of a disagreement over price and are finalizing loan commitments this week, said one of the people, who asked not to be named because the process is private.

Bain was seeking to line up as much as $1.6 billion in debt for the purchase, people familiar with the situation said last week.

The deal is not signed yet and will have to be agreed upon by all of the company's shareholders, one of the people said.

TI, based in Auburn Hills, Michigan, was bought by a group of funds led by Oaktree Capital Group LLC and Duquesne Capital Management LLC in a 2007 debt restructuring.

It is chartered in Britain.

Frank Buscemi, a spokesman for TI Automotive, declined to comment as did Charlyn Lusk, a spokeswoman for Bain at Stanton Public Relations & Marketing.